We are excited to share that we have crossed Rs. 1000 crore in deposits by over 57 million savings account holders.
We have been witnessing an accelerated rise in deposits, as more people are embracing digital banking during this global pandemic of COVID-19.
In addition to this, our customers can now receive the benefits of over 400 government subsidies directly into their savings account. We have now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.
Our savings account holders can opt for DBT by submitting an online request through their Paytm Android app. Once the required details are submitted, it would take 2-3 days to process the request. There are no charges for account linking to receive subsidies, and customers can also check the status on their banking app.
We started with the aim of bringing the underserved masses into digital banking fold and we continue to lead the way. Besides offering current & savings bank accounts, we are glad that we are also playing a role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, we now have a debit cardholder in every district of India. Our aim is to offer flexibility to our customers to choose from VISA, MasterCard, and RuPay debit cards. We have registered over 4.5 million debit card transactions per month.